Econ Financial Services Corp Acquires New Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Econ Financial Services Corp bought a new stake in shares of The Bank of New York Mellon Co. (NYSE:BKFree Report) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 44,054 shares of the bank’s stock, valued at approximately $1,879,000. Bank of New York Mellon makes up about 1.4% of Econ Financial Services Corp’s holdings, making the stock its 23rd largest position.

Other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC boosted its stake in shares of Bank of New York Mellon by 14.5% in the 2nd quarter. Parallel Advisors LLC now owns 5,808 shares of the bank’s stock worth $259,000 after buying an additional 736 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Bank of New York Mellon by 22.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock worth $109,088,000 after purchasing an additional 465,229 shares during the last quarter. Czech National Bank grew its stake in Bank of New York Mellon by 60.1% in the 3rd quarter. Czech National Bank now owns 136,115 shares of the bank’s stock valued at $5,805,000 after purchasing an additional 51,104 shares during the period. MML Investors Services LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $6,681,000. Finally, Ascent Wealth Partners LLC raised its stake in shares of Bank of New York Mellon by 4.9% during the 2nd quarter. Ascent Wealth Partners LLC now owns 24,486 shares of the bank’s stock worth $1,090,000 after purchasing an additional 1,154 shares during the period. Institutional investors own 81.29% of the company’s stock.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Hanneke Smits sold 15,425 shares of Bank of New York Mellon stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total transaction of $850,843.00. Following the completion of the sale, the vice president now owns 119,656 shares of the company’s stock, valued at $6,600,224.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock traded up $0.41 during trading on Monday, reaching $55.63. 1,253,211 shares of the company’s stock traded hands, compared to its average volume of 4,292,183. The firm’s 50-day moving average is $52.87 and its 200 day moving average is $47.34. The company has a market capitalization of $42.78 billion, a P/E ratio of 13.91, a PEG ratio of 1.14 and a beta of 1.12. The Bank of New York Mellon Co. has a 1 year low of $39.65 and a 1 year high of $56.42. The company has a current ratio of 0.72, a quick ratio of 0.71 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon (NYSE:BKGet Free Report) last posted its earnings results on Friday, January 12th. The bank reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.16. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.30 billion. Bank of New York Mellon had a return on equity of 11.62% and a net margin of 10.01%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.30 earnings per share. Equities research analysts expect that The Bank of New York Mellon Co. will post 5.23 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 2nd. Stockholders of record on Monday, January 22nd were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date was Friday, January 19th. Bank of New York Mellon’s payout ratio is 42.32%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. UBS Group raised their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. JPMorgan Chase & Co. upgraded shares of Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price target for the company in a research note on Monday, December 18th. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $53.75.

Read Our Latest Stock Report on BK

About Bank of New York Mellon

(Free Report)

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.

See Also

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Bank of New York Mellon Co. (NYSE:BKFree Report).

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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